Elice raised $151M at a $750M valuation in the Kosdaq's biggest IPO of the year, with an order book that was oversubscribed by 400 times. Despite the initial retail interest, shares plunged as much as 32% on the first day of trading, marking what some market participants call the worst opening-day performance for a major IPO in South Korean history. This collapse coincides with reports that Australian data center operator AirTrunk is delaying its own real estate investment trust listing.
Tuesday, October 20, 2026
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Elice's Worst-Ever Korean IPO Triggers Wider Tech Selloff
Global Markets9 hours ago
Foreign investors slashed exposure to South Korean assets on Tuesday, pulling the KOSPI down 4.2% and sending shares of SK Hynix and Samsung lower by 6% and 3% respectively. The broader selloff in chipmakers and neocloud providers’ stocks—including declines for IREN and CIFR—also pressured Nasdaq futures as participants questioned the sustainability of global AI valuations. The contagion followed a failed market entry by data center infrastructure firm Elice, which triggered a sharp reversal in AI sentiment across the region.
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